Platinum Group Metals Announces New Intercepts at Waterberg

Platinum Group Metals Announces New Intercepts at Waterberg
VANCOUVER, BRITISH COLUMBIA and JOHANNESBURG, SOUTH AFRICA --
(Marketwire) -- 02/04/13 -- Platinum Group Metals Ltd. (TSX:PTM)(NYSE
MKT:PLG) ("Platinum Group" or the "Company") announces that drilling
along two section lines east and up-dip of the Waterberg Deposit have
intersected mineralized layers that are interpreted by the Company's
project geologists and non-independent qualified person as the F
layer.
There are fifteen drill rigs operating on the property. Eight drill
rigs are drilling on two section lines east of the Waterberg
platinum, palladium and gold resource. One section line is near the
south end of the deposit and the other section line is near the north
end of the current deposit.
If these layers are confirmed by assay to be the F mineralization,
the northern section line on the deposit would expand by
approximately 750 meters eastward and be brought up dip from 1000
meters vertical depth to about 280 meters deep. At the north end of
the deposit the over lying Waterberg sediments are thinning to the
east. Drilling is continuing to the east with shallower target
depths.
The drilling area is in the joint venture with the Japan Oil, Gas and
Metals National Corporation ("JOGMEC"). Platinum Group, with a 49.9%
direct and indirect interest in the Waterberg property, made the
discovery in partnership with JOGMEC. JOGMEC holds a direct 37%
interest in the Waterberg property with a balance of approximately
13.1% of the project being held by black empowerment interests.
Platinum Group is the operator of the project.
The non-independent qualified person for this release is R. Michael
Jones P.Eng. He is the company CEO and has more than 20 years of
relevant experience. He is a significant shareholder of the Company.
He has satisfactorily verified the data by hiring qualified
professional staff, insisting on a strict quality control program and
he has visited the property and core personally.
About Platinum Group Metals Ltd.
Platinum Group has an experienced mine building and operating team
based in Vancouver, Canada and Johannesburg, South Africa. Platinum
Group is building the WBJV Project 1 Platinum mine in the Western
Limb of the Bushveld Complex, South Africa. The Company owns 74% of
the WBJV Project 1 Mine and 26% is owned by Wesizwe which is
controlled by Jinchuan of China. The Platinum Group management team
has a track record of discovery of precious metals mines over the
past 20 years. Platinum Group recently completed a $ 180 million
equity funding and a credit approval for $ 260m for the WBJV Project
1 mine and exploration at Waterberg.
Platinum Group is listed as PLG on the NYSE MKT and PTM on the TSX in
Toronto.
On behalf of the Board of Platinum Group Metals Ltd.
R. Michael Jones, President
This press release contains forward-looking information within the
meaning of Canadian securities laws and forward-looking statements
within the meaning of U.S. securities laws ("forward-looking
statements"). Forward-looking statements are typically identified by
words such as: believe, expect, anticipate, intend, estimate, plans,
postulate and similar expressions, or are those, which, by their
nature, refer to future events. All statements that are not
statements of historical fact are forward-looking statements.
Forward-looking statements in this press release include, without
limitation, statements regarding the Company's plans to move
Waterberg ahead with exploration and engineering work. In addition,
the results of the UFS may constitute forward-looking statements to
the extent that they reflect estimates of mineralization, capital and
operating expenses, metal prices and other factors. Although the
Company believes the forward-looking statements in this press release
are reasonable, it can give no assurance that the expectations and
assumptions in such statements will prove to be correct. The Company
cautions investors that any forward-looking statements by the Company
are not guarantees of future results or performance, and that actual
results may differ materially from those in forward looking
statements as a result of various factors, including, but not limited
to, variations in market conditions; the nature, quality and quantity
of any mineral deposits that may be locate;, the Company's ability to
obtain any necessary permits, consents or authorizations required for
its activities; the Company's ability to successfully complete
hedging establishment and off-take negotiations; the Company's
ability to produce minerals from its properties successfully or
profitably, to continue its projected growth, or to be fully able to
implement its business strategies and other risk factors described in
the Company's Form 40-F annual report, annual information form and
other filings with the SEC and Canadian securities regulators, which
may be viewed at www.sec.gov and www.sedar.com, respectively.
Cautionary Note to U.S. Investors Regarding Estimates of Inferred
Mineral Resources
This press release uses the terms "inferred mineral resources." We
advise U.S. investors that while these terms are recognized and
required by Canadian regulations, the SEC does not recognize them.
"Inferred mineral resources" have a great amount of uncertainty as to
their existence, and great uncertainty as to their economic and legal
feasibility. It cannot be assumed that all or any part of an
"inferred mineral resource" will ever be upgraded to a higher
category. Under Canadian rules, estimates of "inferred mineral
resources" may not form the basis of a feasibility study or
prefeasibility studies, except in rare cases. The SEC normally only
permits issuers to report mineralization that does not constitute
"reserves" as in-place tonnage and grade without reference to unit
measures. U.S. investors are cautioned not to assume that any part or
all of an inferred resource exists or is economically or legally
mineable.
The Toronto Stock Exchange and the NYSE MKT have not reviewed and do
not accept responsibility for the accuracy or adequacy of this news
release, which has been prepared by management.
Contacts:
Platinum Group Metals Ltd., Vancouver
R. Michael Jones
President
(604) 899-5450 or Toll Free: (866) 899-5450
Platinum Group Metals Ltd., Vancouver
Kris Begic
VP, Corporate Development
(604) 899-5450 or Toll Free: (866) 899-5450
www.platinumgroupmetals.net